Higher Prices, Electricity Sales Boost Duke Profits

Aug 3, 2017

Profits were up 35 percent at Duke Energy during the second quarter compared with a year ago, helped by higher prices and strong sales of electricity. The company saw higher profits in all three of its main businesses: gas, commercial renewable energy, and the largest - electricity.

CFO Steve Young says growth there is helping push up profits.

"Last year we had warmer weather, but this year we've seen growth in new customers added on, we've seen growth through pricing and riders that have more than offset the change in the weather," Young said in an interview Thursday morning.

It was the second full quarter since the company sold its Latin American businesses. After adjusting for the loss of those revenues, and other one-time items, earnings per share were $1.01. That was a few cents shy of analysts' predictions. 

Duke says it's on track to meet its earnings target for the year.

RELATED LINKS

See Duke Energy's news release and presentation to investors at Duke-Energy.com